What is the benefit and cost structure of the social security system?
Social Securitywas designed to provide a basic standard of living for those who were too old to work. In the US, this became law in 1935, but it’s earliest beginnings are from Europe. Otto Von Bismark, the leader of German in 1889, first adopted a program called “Social Insurance.” It was from that movement that we get the name “Socialism,” and it is why we call the program “Social Security.” The basic idea is that there is enough wealth in a nation to tax those that have wealth, to help those that do not.
In America, we expanded the Social Security system several times.
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